Millennials have been getting married later in life compared to earlier generations. The types of concerns that are common among millennials as they enter marriage are perhaps different than couples who were getting married at younger ages. For one, getting married later in life can mean going into a marriage with more assets. Because of this, asset protection may rank high on the list of concerns for engaged millennials.
Marrying millennials have the option to use legal agreements to provide protections for the assets they bring into a marriage. In addition to asset protection, prenups can help with a wide range of goals, including protecting the interests of children from a past relationship, protecting business interests, and addressing debt issues.
Another noted trend in relation to millennials and prenuptial agreements is that prenups are no longer aimed at protecting one spouse over the other. Studies show that millennials are approaching these agreements as a team, which may be due to the fact that both parties come into a marriage with a fair amount of assets and income.
When a couple decides to have a prenuptial agreement, it is important to make sure that the agreement's terms adequately accomplish the goals they have and the approach they wish to take in the event of a future breakup. However, these concerns don't apply to just millennials. When a person of any generation is getting married and thinking about having a prenuptial agreement put in place, it is very important that both parties obtain independent legal advice. If you have any concerns regarding your impending marriage, please contact our firm, and we will assist you in any way that we can.